LOUISVILLE, Ky. (WDRB) -- If the Pillsbury plant in New Albany closes, 400 people could lose their job, so New Albany Mayor Jeff Gahan and other city leaders have organized a special meeting in an attempt to keep the plant open.

The city council will meet Tuesday to consider a plan to give the company up to $7 million to modernize the plant.

Pillsbury would only get the money, if it commits to keeping the plant open.

The exact terms of the deal are still being worked out, but would involve city-issued bonds.

The company has also said negotiations with union officials would play a role in the decision.

General Mills said earlier this month that the plant would close by the middle of 2016.

New Albany Mayor Jeff Gahan says he wants to keep the facility open as long as possible.